Control is an important consideration in the practice of managing projects. Appart from investing heavily in the initiation and execution of a project, project sponsors, and others stakeholders direct a considerable amount of resources in the control and monitoring stages. Project control refers to the processes used to understand, predict and influence the cost and time outcomes of a project. Project control influences decision making and effective project management. It is a process through which performance is tracked against agreed upon plans and taking any necessary corrective actions in case of any deviations from the agreed plan. Through the control process, the project manager ensures that both team and organizational objectives are achieved. Control is viewed as a very critical component of projects success because through identification of deviations and taking corrective actions early enough, project success is achieved (Baker, Murphy and Fisher, 2008). Project managers and their teams use different control technique and tool s to ensure the achieve project objectives. The iron triangle or project management triangle mostly used during the execution phase is an example of such tools. It is aimed at balancing the triple constraints of scope, time and cost to measure the success projects
Time, scope and schedule are important constraints in the determination of the successful completion of a project. The triple constraint model is model used to balance the three constraints. The three constraints are often represented in form of a triangle referred to as the Iron Triangle. The triple constraint model was established to enable project managers to appraise and balance quality, time and cost aspects of projects (Deshmukh, Teli & Bhushi,2016). It helps to keep projects on track by ensuring that projects are completed within the identified timelines, scope, quality requirements and Budget. The triple constraint model has both its advantages and disadvantages.
Strengths
Determination of project time
Time is an important component in project management. Time represents the actual duration taken to complete a project. The time for a project is determined by the project scope and project budget. The triple constraint model, therefore, plays a role in the determination of the time needed to complete a project based on project requirements and allocated budget.
Helps in estimating project budget
The cost represents an amount of money needed to successfully execute a project. The cost of a project is a reflection of various aspects of a project such as labor rates and resources. The fact that cost is taken as a major constraint in the success of a project means that the three constraints model helps project managers in estimating the cost required to execute a project through the identification of the various cost variables (Gray et al., 2008).
Project quality estimation
By regulating costs, time and budget project managers are often focused on delivering a project that meets the established quality criteria. The ultimate goal of the three constraint model is, therefore, ensuring project quality (Harrison and Lock, 2017). By establishing the scope of the project against time and budget constraints, the model helps project managers to estimate the quality of a project.
Determination of the performance of a project
Quality is a major determinant of the performance of a project. Since the three constraint model is used to enhance the quality of a project, it can be said that the model is a major determinant of the performance of a project (Turner, 2008). The model helps project managers to plan and control the quality, time and budget required to execute a project. Project performance, therefore, a product of effective project control emphasized under the model.
Limitations
A change in one constraint negatively affects the other
One shortcoming of the triple is that a change in one constraint negatively affects other constraints. For example, a change in the time taken to complete a project is likely to have a negative impact on the quality and budget of a project. Consequently, a change in the scope of a project can negatively affect the time taken to complete a project as well as the quality. Alternatively, if the time taken to complete a project is to be changed, it must be followed by an equal change in the budget of the project (Steyn et al., 2016). A reduction in the delivery time for a project will require allocation of additional resources to facilitate the completion of a project in a shorter span of time. An intention to improve the quality of a project will also lead to an increase in the time taken to complete the project as well as require an additional cost. In the same way, cost changes will be reflected in increased completion time and reduced product quality
Lack of independence among the three factors
The three factors emphasized by the triple constraint model cannot be treated as three independent factors. For example, the cost of a project is a product of time. The longer it takes to complete a project, the bigger the cost and vice versa (Lewis, 2010). Therefore it means that time is an aspect of cost rather than an independent factor. While therefore time is a relative factor, the cost is a fixed factor expressed in terms of money. For example, the impact of delay for a specified period of time in one project can differ from the impact of a similar delay on another project. On the contrary, a euro on one project is similar to a euro on another project. This reduces the triple constraints into two.
Business value of a project cannot be accurately determined by the triple constraints
There is more to the determination of the business value of a project than its ability to conform to the requirements of the three constraints. For example, it is possible to come across projects that have been completed within the schedule and budget and which fail to deliver business value. Consequently, some projects are completed over budget and still emerge to be classified among the most successful projects (Kerzner and Kerzner, 2017). Triple constraint model may, therefore, be useful in some projects such as construction and not in others.
Planning
Expert Judgment
Expert judgment method involves the provision of a judgment based on expertise or knowledge acquired through experience. Cost judgment as an estimation method is commonly used in project management to estimate the cost of a project during the planning stage. Experts usually apply their years of experience in making cost estimates for a particular project. The estimation is determined by various aspects of a project such as the time, specifications and complexity. Expert Knowledge can either be sought from within the project team or from outsourced experts. Expert judgment is an important budget control because it makes it possible for a manager to set project budgets based on the viewpoint of an expert
Bottom-up estimation method
The bottom-up estimation method is a very effective method used in the budget planning process. The method allows the project manager to get a clear estimate of the budget required to successfully complete a project. Under this method, a project is broken down into smaller components out of which the budget for each is determined. The budget estimates for the smaller project components are then added up to arrive at the total cost estimate for a project. The method takes account of the input from various members of a project team tasked. Bottom-up method is quite reliable in determining the cost of a project.
Control
Earned Value Analysis
Earned Value Analysis is a cost control method used in ensuring that the performance of a project reflects its cost. Earned value analysis technique utilizes accounting tools to identify the monetary value of the work that has been completed at specific periods in the project execution phase. Through the use of this technique, project managers can track the performance and establish if the project is on a budget (Fleming and Koppelman, 2016). In case of any deviations, quick changes can be made to bring the project back on track.
Performance Review
Time is an important aspect of the project cost. A project requires a long duration to be completed, also requires a bigger budget. This means therefore that effective project cost control requires effective time management. Performance review is a technique used in accessing the health of a project. Performance review accesses both the schedule and a project. It also considers the morale of the project team, the quality and scope of a project in the analysis. Performance reviews are carried out periodically and its focus is majorly on ensuring that factors that have the potential of affecting the budget of a project are managed. For example, low team morale may lead to the extension of project’s schedule which would require an additional budget. Quality and scope deviations may also lead to a negative impact on the budget of a project. Inability to meet project timelines escalates the cost of a project
Strengths
It is a single multipurpose system
The main strength of Earned value analysis is the fact that it can be used to track not only the cost of a project but also the amount of work completed and time used. Earned value method removes the need for project managers to rely on different systems in order to successfully control various aspects of a project (Meredith and Mantel, 2011). The method can be used to compare project performance with the performance documented in the project plan. It can also forecast the cost of a project and establish the actual work completed. In this way, it facilitates tracking of the cost of a project
Enables identification of variance at any stage of execution
Variance refers to the differences between the actual performance and projected performance. With the use of earned value analysis method, any variance in project implementation can be detected even at the earliest stages of project execution. One of the major advantages of the project, therefore, is the fact that it enables identification of productivity and performance issues in the early life of a project. The success of a project is partly determined by the ability of the project manager to identify deviations and take corrective action in the shortest time (Wysocki, 2011).
Its performance indices are important tools
Both cost performance index and schedule performance index are important tools offered by earned value analysis. The metrics can be used in estimating the total project time and cost. They can also serve as early warning signs for project deviations and b applied in determining the status of a project (Ika, 2009).
Weaknesses
Disregard for the project quality
Project quality is an important determinant of the success of a project. The EVA method does not put into consideration the quality of a project. This is a weakness in that a project’s score could be very impressive while the same is not reflected in the quality of the project.
Reliability is affected by uncertainties
The use of EVA in making predictions is usually affected by uncertainties involved in predictions. For example, it is possible that the project may be on schedule when the analysis is carried out and be the opposite at later stages in the course of project execution majorly due to unforeseen risks (Thomas and Mengel, 2008).
In order to deal with the identified weaknesses, the project manager can adopt the use of other additional control methods together with EVA to ensure that the process is more reliable. For example, they can use project performance feedback and project team performance assessment to improve the outcome of the Analysis process (Harris, 2010)
References
Baker, B.N., Murphy, D.C. and Fisher, D., 2008. Factors affecting project success. Project Management Handbook, Second Edition, pp.902-919.
Burke, R., 2013. Project management: planning and control techniques. New Jersey, USA.
Deshmukh, A., Teli, S. N., & Bhushi, U. M. 2016. Project Planning and Control Management Advanced Planning and Scheduling-Primavera. https://nbn-resolving.de/urn:nbn:de:101:1-20160906713.
Fleming, Q.W. and Koppelman, J.M., 2016, December. Earned value project management. Project Management Institute.
Gray, R.M., Cook, M.B., Natera, M.T., Inglis, M.M. and Dodge, M.L., 2008. Project Management: The. In Managerial Process”, McGraw-Hill.
Harris, P. E. 2010. Project planning and control using Primavera P6: for all industries including version 4 to 7: planning and progressing project schedules with and without roles and resources in an established enterprise environment. Doncaster Heights, Vic, Eastwood Harris.
Harrison, F. and Lock, D., 2017. Advanced project management: a structured approach. Routledge.
Ika, L.A., 2009. Project success as a topic in project management journals. Project Management Journal, 40(4), pp.6-19.
Kerzner, H. and Kerzner, H.R., 2017. Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Lewis, J. P. (2010). Project planning, scheduling, and control: the ultimate hands-on guide to b.Mcgraw-Hill Education
Meredith, J.R. and Mantel Jr, S.J., 2011. Project management: a managerial approach. John Wiley & Sons.
Steyn, H., Dekker, A.H., Kuschke, B., Van Eck, B.P.S. and Visser, K., 2016. Project management: A multi-disciplinary approach. FPM Publishing.
Thomas, J. and Mengel, T., 2008. Preparing project managers to deal with complexity–Advanced project management education. International journal of project management, 26(3), pp.304-315.
Turner, J.R., 2008. Handbook of project-based management. McGraw-Hill Professional Publishing.
Wysocki, R.K., 2011. Effective project management: traditional, agile, extreme. John Wiley & Sons
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